Crude Oil Market Overview

Global Crude Oil Market is driven by growth of disposable income and reducing costs of automobiles. Crude oil is a naturally occurring mixture of hydrocarbons and small amounts of inorganic compounds of sulfur, nitrogen, oxygen, and metals generally in the liquid state. Crude oil is the primary global source of energy. Most of the crude oil available globally is concentrated in the middle-east region, while the Kingdom of Saudi Arabia is the largest exporter of crude oil. API gravity, sulfur content, pour point, carbon residue, salt content, nitrogen content, and distillation range are some of the properties that are considered while choosing crude oil.

The Global Crude Oil Market is segmented based on the type of constituent, hydrocarbon molecules, sulfur content, end-products, and geography. Based on the type of constituent, the market is divided into paraffin base, naphthene base, asphalt base, and mixed base. According to hydrocarbon molecules, the market is categorized into light and heavy crude oil. Sulfur content-based classification of the market is sweet and sour crude oil. Based on end-products, the market is bifurcated into liquefied petroleum gas (LPG), gasoline, petrol, kerosene, diesel, and fuel oils. Geographic breakdown and deep analysis of each of the aforesaid segments have resulted in the following regions: North America, Europe, Asia-Pacific, and LAMEA.

Crude Oil Market Dynamics:

Drivers:

Growing disposable income and reducing costs of automobiles are expected to increase the demand for crude oil during the forecast period.

Utilization of crude oil residues as bunker fuel for marine ships & cargoes and as jet fuel for the aviation sector is expected to foster the market demand for crude oil during the forecast period.

Restraints:

Stringent rules and regulations concerning environmental impact by combustion of crude oil derivatives are projected to hamper the growth of crude oil market.

Fluctuating crude oil prices might negatively affect the market, resulting into the slowdown of the market during the forecast period.